Italy’s largest insurance company Assicurazioni Generali SpA has obtained a licence to sell life insurance in the United Arab Emirates, the company said in a statement on Tuesday.In 2008, the UAE’s insurance market rose 30 percent to $4.7 billion of premiums, 16 percent in the life sector and 84 percent in non-life, making it the type of high growth market in which Generali aims to expand.
“With a number of high-earning expatriates from Europe, US and Asia, who represent 80 percent of the population and who have expanded 20 percent in recent years, this market certainly still has potential to grow,” Chief Executive Sergio Balbinot said in the statement.
Generali is also looking closely at the Islamic insurance segment via development of takaful products that are in line with Islamic law, he said.
Generali intends to sell life products via a network of agents and brokers, a company official said. (Reuters)
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